5 Ways to Boost Your Credit Score
Don't hesitate to boost your credit score
Good credit score is important in personal financial management. We should consider having good credit score and it is worth doing it. Why it is important? Yes it is important for those who want to apply loans and unsecured credit card. Believe it or not, the applications and approval will be much easier.
If your credit score is at the good state, you might want to boost it so that the loan and credit card deal could be settled as soon as possible. For example, if you have a credit score of 688 and the loan company will reduce interest rate if you get a credit score of 690. The two points can mean thousands of dollars in savings from paying interest.
Even you already have a good credit score; this is why it is very important for you to improve yours. That’s mean lower interest rates for you and also more chances of getting the loans you need.
Actually there are several ways on how improve your credit score significantly. It depends, some ways will takes time and some will takes only a few weeks or even a few days to do. However, start working on it as soon as possible and you will see the result and it is worth all the effort.
So, here are some of the ways you can boost your credit score.
Check credit reports for errors.
Even minor errors can significantly hurt your credit rating. So, if you ever suspect that your low credit score is caused by an error, you should contact the credit reporting agencies and challenge them about the report. It is part of the law that the reporting agency should investigate and correct the errors within thirty days if there is any.
Pay off your balances every month.
This can keep you out of debt and save a lot of money on interest rate. Also, this will demonstrate that you can manage your debt effectively and therefore, increase your credit score.
Only acquire a few credit cards
Just two at most, will boost your credit score. Having five or more credit cards will in fact, lower your credit score. This is why it is important for you to have only two credit cards.
Pay it on time if you borrow money
This will have a positive impact on your credit score because it will show credit reporting agencies and also creditors that you can manage your debt effectively. However, if you have borrowed money before and is long overdue, you should pay it immediately. In time, these old late payments will be deemed unimportant and it will expire.
Managing your credit cards effectively.
Don’t use your entire credit limit on each of the credit card you own. For example, if you have credit cards with a credit limit of 2000, 2500 and 3000 dollars, it is better to use 600 dollars on each card rather than 1800 dollars in one card. Always keep one thing in mind; it is best for your credit score if you only use less than 50% of your credit card limit.
These are some of the methods you can try to boost your credit card score. Following all these will ensure you that your credit score will increase and will result in better opportunities in the future.
Categories: Credit Tags: credit card, credit management, good credit score
The Importance of Researching and Understanding Your Customer’s Needs
Too many entrepreneurs tailor their products or services around their own personal likes and dislikes, giving little thought to what the actual consumer thinks of them. If your product has no real appeal then all the clever marketing in the world is probably not going to make more than a couple of one time sales
Just as they should be most home business owners are completely enamored of the products or services that they offer. Having a passion for what you do is essential for home business success after all, you have heard that before I’m sure.
The problem is that too many entrepreneurs tailor their products or services around their own personal likes and dislikes, giving little thought to what the actual consumer thinks of them. If your product has no real appeal then all the clever marketing in the world is probably not going to make more than a couple of one time sales. Therefore, one of the most important things any home business owner needs to do is their market research before launching any kind of business that relies upon selling.
Establishing who makes up your target market is essential. This may seem like common sense. For instance if you create personalized children’s books there is little point in targeting childless singles right? Or is there, since these people have nieces and nephews and are often on the lookout for easy gifts that impress their friends or relatives with children? Try to discover who the target market seems to be for a competitor’s product or service. Check their Twitter and Facebook accounts to see what kinds of people follow them, or read their blog to get an idea of how they promote their business.
Once your product is ready for launch keep testing and researching. Solicit your first customers for their honest feedback and use what they have to say to make the product even more appealing. Consumer feedback is invaluable, even to the biggest businesses.
Loving what you do is great, and a sure fire way to help your home business have a better chance for success. However understanding and listening to your customers wants and needs is the real key and your business should never stop evolving in order to meet those needs.
Content Source: Bukisa – The Importance of Researching and Understanding Your Customer’s Needs
Categories: Business Tags: customer satisfaction, market research, product research
Consumers taking a big hit from credit card costs
By David Ranii
Credit card companies are imposing hidden charges and deceptive fees that are bleeding major dollars from consumers, according to a new report from the Durham-based Center for Responsible Lending.
One of the new industry practices alone is currently costing American families $720 million a year, a figure that could grow to $2.5 billion if more credit card issuers adopt the practice, calculates the report issued Thursday by the consumer advocacy group.
The new costs involve interest rates linked to the prime rate, late fees and international transaction fees, among others.
Overall, the industry has been altering at least eight practices to compensate for lost revenue stemming from new regulations adopted by the Federal Reserve and a reform law passed by Congress that is scheduled to take effect in February. The practices the study examines either aren’t banned by the new measures or it’s debatable whether they are prohibited, said the report’s author, Joshua Frank.
The report doesn’t include an overall price tag for the practices, but Frank estimated it exceeds $1 billion.
All the changes are “either hidden or obscure and complex enough that most consumers are unlikely to notice these strategies or to fully appreciate their cost implications,” the report declares.
Frank contends that the industry abuses are a strong argument for creating a Consumer Financial Protection Agency to monitor credit card companies “as they come up with new tricks.”
The center has had some success in the past persuading Congress to beef up protection for consumers with regard to mortgages and other issues.
Officials at the American Bankers Association, Visa and MasterCard either couldn’t be reached for comment or had no immediate comment.
Among the abuses cited by the report:
Pick-a-rate: Credit card companies that have pegged their interest rate to the prime rate usually have meant the prime rate on the last day of the billing cycle. But an increasing number of issuers have switched to picking the highest rates occurring within a 90-day period. The center examined prime rate data since 2000 and concluded that such a practice raises the annual percentage rate, or APR, by 0.3 percent.
With an estimated 117 million accounts affected, the impact adds up fast.
The center calculates that the total cost to consumers today is $720 million per year, and could reach $2.5 billion a year if pick-a-rate becomes the industry standard.
Manipulation of penalty fees: Five years ago, many of the largest credit care issuers imposed their highest penalty fee on late payments involving balances above $1,000. Today the threshold for the highest fee is typically $250. The result: 87 percent of consumers end up paying the highest fee, up from 53 percent several years ago.
International transaction fees. More credit card companies are adopting an international transaction fee for purchases involving a currency exchange, and the fee is rising. Most credit issuers who had such a fee charged 2 percent in 2004, but today the norm is 3percent.
Categories: Credit Tags: credit card fees